Walt Disney Co (NYSE: DIS) on Wednesday confirmed a phased reopening of its Florida-based properties.
The company will first reopen the Walt Disney World's Magic Kingdom and the Animal Kingdom on July 11, followed by Epcot and Hollywood Studios on July 15.
What To Know About The Reopening
Disney wants to make sure when it opens up in July it will be able to offer the "quintessential Disney experience," Disney CEO Bob Chapek said on CNBC. The company needs to be sure it will reopen in a "responsible way" to best ensure guests are able to enjoy lifelong memories.
Disney noted it will reopen with significant limitations on total guests but won't commit to any specific number because there is no set guideline from the government, Chapek said. Capacity will likely be based on the ability to adhere to six feet of separation guidelines.
Disney continues to enjoy a high level of trust in its ability to safely operate and customers know they will act responsibly in the reopening process, the CEO said.
Why It's Important For Disney
Chapek said his thinking process on reopening parks is not based on profit, rather the ability to at least recoup variable costs of operating and partially offset some of the fixed costs. The latest round of reopening is consistent with this objective, while also trying to slowly and safely increase capacity.
The world is "ready to get back to some magic" and Disney can "certainly provide that magic," Chapek said.
Disney's stock traded around $121.57 per share at time of publication.
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